The daily Davis Index for rebar in Mumbai surged on Monday by Rs1,250/mt ($16.68/mt) and settled at Rs30,750/mt ($410.54/mt) ex-works on higher imported scrap prices along with tight supply of material. A few billet deals were reported at Rs30,800/mt ex-works.
The daily Davis Index for rebar also rose by Rs800/mt ($10.68/mt) to Rs33,700/mt ($449.93/mt) ex-works Mumbai. The increase in billet prices has been more than that of rebar for a third successive day, but demand for finished steel including rebar is not encouraging so far this month, traders told Davis Index.
In Raipur, the daily Davis Index for billet in Raipur also increased by Rs700/mt to settle at Rs30,500/mt ($407.2/mt) ex-works due to rise in sponge iron prices along with healthy demand for billets in Central India. Pellet sponge iron prices continued to remain high at Rs19,500/mt ex-works, up by Rs500/mt from Friday.
The daily Davis Index for rebar also increased by Rs1,100/mt ($14.68/mt) and settled at Rs33,500/mt ($447.26/mt) ex-works Raipur in line with rise in ingot and billet prices. There has been an increase in trade activities in Chhattisgarh after lockdown restrictions were lifted from August 7. The State government had imposed a strict 16-day lockdown to contain COVID-19.
In Mandi Gobindgarh, the daily index for ingot increased by Rs1,250/mt ($16.68/mt) and settled at Rs32,500/mt ($.433.91/mt) ex-works on similar rise in scrap prices. The daily index for rebar was also up by Rs550/mt at Rs37,300/mt ($497.99/mt) ex-works.